The University of Florida athletic department’s year-end NCAA report shows a significant financial rebound following $36 million in losses during the pandemic.
But the transition to coach Billy Napier from Dan Mullen in football proved costly while accounting quirks still left the Gators $5.7 million the red, based on the annual NCAA report obtained by the Orlando Sentinel through a public records request.
The school’s University Athletic Association made a sizable investment into Napier’s program, including a roughly $4 million increase in support staff salary to $7.3 million, and paid more $17 million in severance pay, including $15,265,264 to Mullen and his staff.
The UAA reported revenue totaling $190.41 million and expenses of $174.36 million, an excess of $16.052 million during the fiscal year ending June 30, 2022. This does not, however, paint the full financial picture because of the NCAA doesn’t take into account funding capital projects, operating funds and/or capital gifts.
A donation of $21,932,752 million in capital gifts is determined as revenue though it may have already occurred or will occur and is not reported in the NCAA expenses.
Financial strength in various areas allowed Gators athletics to avoid a deeper deficit in 2021-22. The UAA also reduced its debt service nearly $7 million from 2020-21, to $157,485,000, despite continued facilities upgrades.
The increased revenues in some key areas relative to 2020-21, the year prior to the pandemic, ravaged the finances of athletic departments nationwide.
COVID-19’s financial impact totaled $59 million, but the SEC awarded a onetime support payment of $23 million to all 14 members schools. The league office borrowed against a future 10-year, $3 billion TV deal with ESPN set to begin during the 2024 college football season.
Based on the NCAA’s 2020-21 year-end report, the year prior to the pandemic, the Gators saw an uptick in the following areas:
Donations increased more than $9 million, to $58.61 million
Ticket sales increased more than $3 million, to $34.78 million
Royalites, licensing, ads and sponsorships increased nearly $1.5 million, to $9.52 million
Meanwhile, coaching salaries increased more than $2.4 million, to $30.58 million, and the cost support staff department wide saw a nearly $6 million increase, to $40.41 million.
Much of this was investment in Napier’s first-year program.
Napier’s average salary is during his seven-year, $51.8 million deal is $7.1 million, but the 43-year-old earned $8,034,467 in 2021-22 and a $350,000 bonus.
The football support staff of analysts, quality control coaches and other departments carried the hefty price tag of $7,306,087 when originally budgeted for $5 million. But Napier’s 10 assistant coaches have a combined salary of $6,812,298 despite a budget of $7.5 million available for those positions.
Besides the severance pay to Mullen, the UAA paid soccer coach Tony Amato and his staff $1,162,000 after he was fired after one season. Former women’s basketball coach Cam Newbauer received $374,644 after he was fired in the summer of 2021.
This article first appeared on OrlandoSentinel.com. Email Edgar Thompson at egthompson@orlandosentinel.com or follow him on Twitter at @osgators.
